10/04/2025
Only a couple more months till December 31st...
Now is the time to start looking over your check list for tax preparation to avoid having a tax liability on your 2024 tax return. If you itemize, don't forget to make those tax deductible donations to your favorite charity.
Here are a few helpful suggestions:
1. Look at your current pay stub, take the federal withholding and divide by the wages made. This will tell you what percentage is being withheld. Knowing your tax bracket, would help determine if you might have a tax liability or possible refund next year. If you discover not enough taxes are being withheld, simply request for a higher income withholding to avoid having a tax liability next year.
2. Organize your support documentation. This would help your tax preparer
greatly. Listed below is a checklist. Remember to keep each category separate.
Standard Information
• Have social security numbers for everyone
• List dependent’s name and date of birth
• Current address and prior address if applicable
• Landlord complete address and rent paid each month if applicable for this credit
Other Income
• Total social security received
• Total DHS income received
• Total unemployment received
• Gambling wins
Itemized Deductions
• Property taxes
• Mortgage interest/points paid
• Medical miles/medical expenses/doctor co-pays/premiums paid
• Car registration
• Charitable donations
• Child care
Business
• Income
• Sales
• Advertisement
• Meals
• Miles
• Travel
• Rent
• Utilities
• Meetings/Seminars
Rental Property
• Income
• Expenses
• Repairs/Maintenance
• Property taxes
• Mortgage interest
• Mileage (includes to property, bank deposits, store for supplies)
• Utilities
Investments
• Stock purchases
• Stock Sold
• 401K
• Other
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